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The companies said the "meaningful impacts" of the coronavirus pandemic led them to terminate the $2.7 billion deal.June 24
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The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans.May 19
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Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it's seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic.April 21
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Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.February 21
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Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion.February 19
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The city's decision to drop a lawsuit alleging predatory ending by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup highlights the challenges municipalities face in taking on deep-pocketed financial institutions.February 3
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The New York bank said Wednesday that its first-ever credit card has brought in nearly $2 billion of loans in less than six months.January 15
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Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting homeownership for low- and moderate-income residents.December 16
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The Bank is poised to pick two people to handle Simon Potter’s former job; Securities backed by subprime U.S. car loans are “going gangbusters.”November 26
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Tom Marano, a former Bear Stearns banker, was apparently well compensated following the housing crisis for heading up ResCap and Ditech, both of which went into bankruptcy.November 11
